The chairman of Korea's National Policy Committee and member of the country's governing Democratic Party, Min Byung-Doo, has highly encouraged the government to consider legalizing initial coin offerings (ICO) and to also impose good digital currency-related regulatory frameworks to legitimize the domestic market.

South Korea has been swamped reviewing its cryptocurrency regulations. The regulators hope to loosen the rules on cryptocurrency assets in line with G20 famous policies. Another government agency is managing an in-situ inspection of cryptocurrency firms following several hacks and this has attempted the Bank of Korea to issue out a report with its major focus on using cryptocurrency as an alternative means of payment.

Bithumb, a South Korean cryptocurrency exchange revealed that hackers stole $31.5 worth of virtual coins, the second local crypto platform targeted within one week as cyber thieves showed the huge negative outcomes of selling and purchasing the digital asset. Bithumb trades over 37 different coins.

The price of Bitcoin, as well as other main altcoins, has decreased within an hour after small South Korean crypto exchange Coinrail revealed on Monday it had been hacked. The scammers allegedly stole up to $40 million in virtual coins.

According to Business Korea, the National Assembly has made a move to legalize the local use of initial coin offerings (ICOs). The official recommendation comes after a total ban on the financial technology in September last year. The country’s financial market’s lack of proper regulations has seen domestic businesses moving abroad.

[Seoul, South Korea, 12th | 13th July’18] As part of WBS World Tour 2018, GBF is in process of building deep integration with 50+ leading & emerging markets in the space of Blockchain, DLT & tokenomics space.

The IT Electronics giant, a South Korean multinational electronics company, LG has launched its enterprise blockchain platform that according to developers can be put into various numbers of practical use in different sectors like manufacturing and finance.